Mixed Fed Speak

Tsy futures see-sawed near late session highs after the bell Thursday, a generally muted session despite myriad Fed speakers, a miss in weekly claims and rising covid-19 numbers out of Europe underscoring second wave fears (UK marked 6,634 new cases, highest daily total).

• Yield curves bull flattened early as Tsys gained following higher than estimated weekly claims (870k vs. 840k est), sources noted fast- and real$ buying 10s, real$ and bank buying 30s.
• Myriad Fed speak from Bullard, Barkin, Evans, Kaplan, Rosengren and the Fed chair himself as he finished up midweek testimonies on the hill. Fed's Barkin hopes to celebrate >2% infl, while negative rates remain a subject even as Dallas Fed Kaplan said "it would 'destroy' the money market".
• Final leg week's Tsy supply: slight tail as $50B 7Y Note auction (91282CAL5) drew 0.462% (0.519% last month) vs. 0.460% WI; 2.42 bid/cover vs. 2.47 prior.
• The 2-Yr yield is down 0.4bps at 0.1348%, 5-Yr is up 0.5bps at 0.2752%, 10-Yr is down 0.7bps at 0.6659%, and 30-Yr is down 1.4bps at 1.4032%.